The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from two consecutive days of declines and is up 0.7% to 6,246 points in afternoon trade.
Four shares that have failed to follow the market higher on Wednesday are listed below. Here’s why they have tumbled lower:
The Asaleo Care Ltd (ASX: AHY) share price has continued its decline and is down a further 6% to 79.7 cents. On Tuesday the personal care products company’s shares were crushed after it slashed its full-year guidance following a tough first-half. One broker that didn’t like what it saw was Credit Suisse. It has retained its underperform rating and cut the price target on Asaleo Care’s shares from $1.30 to just 78 cents.
The Data#3 Limited (ASX: DTL) share price has dropped 3.5% to $1.62 after the IT services provider released a trading update. Despite a stronger second-half performance which saw a record net profit before tax of $16 million, full-year net profit after tax for FY 2018 is expected to be down 9% from the prior year.
The Navitas Limited (ASX: NVT) share price has tumbled over 3% to $4.09. This morning the education services provider revealed that after a detailed portfolio review of the Careers and Industry segment, it will undertake a rationalisation program to address the profitability of parts of its portfolio and create a solid foundation for growth in the segment. A number of one-off charges will be included in its FY 2018 financial result, which are expected to be in the region of $130 million post tax.
The Oil Search Limited (ASX: OSH) share price has slumped lower again and is down 2% to $8.62. As well as coming under pressure from weakening oil prices, the energy company’s quarterly update came in below expectations. This led to Citi retaining its sell rating with a slightly improved price target of $7.01. This is significantly lower than its current share price.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Data#3 Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.